UEFA banned Juventus from playing in European competition for the 2023-24 season and fined the club up to €20 million on Friday for violating a previous settlement agreement and breaching Financial Fair Play rules.

Juve had qualified for the Europa Conference League courtesy of a seventh-place finish in Serie A last season. A 10-point deduction for false accounting, which the Italian football federation issued in May, dropped the Bianconeri from fourth to seventh place.

Chelsea also received a €10-million fine for "submitting incomplete financial information." UEFA said the club's new ownership group "proactively reported" the financial anomalies to the governing body and determined they had occurred under previous owner Roman Abramovich between 2012 and 2019.

The Italian football federation previously ruled that Juventus inflated the value of player sales to remain compliant. The scandal, prompted by public prosecutors in Turin, forced former president Andrea Agnelli, vice president and former Ballon d'Or winner Pavel Nedved, CEO Maurizio Arrivabene, and the entire board of directors to resign.

Despite reiterating the club's innocence, Agnelli's successor, Gianluca Ferrero, said Juventus wouldn't appeal UEFA's decision.

"This decision is in line with the one taken last May in the context of the disputes with the (federation)," Ferrero said in a statement. "As in that case, we prefer to put an end to the period of uncertainty and ensure full visibility and certainty.

"Lodging an appeal, possibly to other levels of judgment, with uncertain outcomes and timing, would increase the uncertainty with respect to our eventual participation in the 2024-25 UEFA Champions League."

UEFA ordered Juventus to pay €10 million in penalties and another €10 million if they fail to comply with FFP regulations in the next three financial years.

Fiorentina, who finished behind Juventus in eighth place, will likely take their rivals' place in the Europa Conference League.